Attention Realtors…

You must let all your clients know that the home buyer tax credits will be expiring soon. Home buyers must act fast if they want to take advantage of the $8,000 first-time home buyer credit.  This tax credit is only available to individuals who have a signed purchase agreement on a new or existing primary residence between December 1, 2009, and April 30, 2010.  They only have until June 30th to close on the home and receive this credit.

There is also a new law that allows for a $6,500 credit for move-up home buyers that have lived in their primary residence for five years or more. This tax credit is equal to 10% of the home’s purchase price up to a maximum of $6,500.

A home buyer does not need to sell their current home in order to be eligible for the repeat buyer credit.  They can also continue to own both homes and rent it as long as it no longer serves as their primary home. The taxpayer is required to use the new home as their primary residence and must live there for at least 36 months or they will have to repay the credit.

The purchase of a home priced above $800,000 is not eligible for the tax credit and there are also income qualifications to obtain this credit. The income cannot exceed $125,000 for an individual or $225,000 for a married couple.

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor.

To apply for a loan please visit www.securitynationalfl.com or call us at 407-370-3800.